Contracts
Land contract
Seller financing where the seller keeps legal title until the price is paid
Also called a contract for deed or an installment land contract. The buyer takes possession and holds equitable title while paying the seller directly; legal title transfers only on the final payment. It is a financing arrangement dressed as a sale contract.
How the exam asks about it
Who holds which title during the term is the question. Buyer: possession and equitable title. Seller: legal title as security.
Related terms
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